Linde PLC (LIN.O): FY26 Guidance Appears Conservative with Positive Leading Indicators in US Manufacturing Growth

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Linde PLC (LIN.O): FY26 Guidance Appears Conservative with Positive Leading Indicators in US Manufacturing Growth

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31 Jul 2026 17:34:28 ET │ 13 pages

Linde PLC (LIN.O)

FY26 Guidance Appears Conservative with Positive Leading Indicators

in US Manufacturing Growth

CITI'S TAKE Buy

Short-Term View: Upside, expires 22-SEP-26

Our takeaways from the call: 1) LIN's updated FY26 guidance appears

Price (31 Jul 26 16:00) US$478.38 conservative, given the company is not incorporating any macroeconomic

Target price US$580.00↓ improvement into its guidance and wants to see several more quarters of

evidence before doing so. The U.S. manufacturing outlook remains from US$600.00

constructive, supported by continued strength in data center construction Expected share price return 21.2%

and aerospace. Linde also highlighted robust growth in U.S. packaged Expected dividend yield 1.4%

gases, with hard goods sales increasing at +DD. 2) While helium pricing Expected total return 22.6%

remains favorable and Linde continues to secure new customer wins, Market Cap US$221,178M

dislocation-related costs are offsetting some of the margin benefit. The

company indicated that market normalization will depend on resolution of

the SoH situation. However, LIN's preliminary view is that ongoing

logistics challenges and supply constraints could delay normalization until Patrick CunninghamAC

early 2027. 3) Management acknowledged the US home care business as +1-212-816-6684

the primary margin headwind in the quarter and is evaluating strategic patrick.cunningham@citi.com

options alongside operational improvement efforts. Alexander Yi

+1-212-816-4220

Stock Action — Our 3Q26 EPS estimate decreases ~5c but remains above the top- alexander.yi@citi.com